There has been debate, at least on the state level that employers shouldn't be able to discriminate against a potential employee with bad credit. Several states are proposing legislation to actually ban employers from checking most potential new hires credit.
This brings up an interesting debate. Should someone who has pressing credit and financial problems be working say, in a casino accounting job or a bank? Or how about the person who just had an honest run of bad luck in these tough economic times and got behind on some bills or had to short sale their home?
As we work our way though any kind of economic recovery I have to wonder what will happen to the established credit scoring system. It has been reported that some 28% of the people in the country are in some sort of distressed situation with their homes. All of that has to have a devastating effect on the crucial credit score. Which leads me to ask how can we really have a full economic recovery without some sort of cha…
Cimarron Cove in Cathedral City Ca. This great New Listing has everything you want at a price you won't believe. Gated community, newer construction 2 master suites. Balcony, in ground spa, slab granite, lighting upgrades. Prepare to be spoiled.
Short sales, REO’s, Foreclosures, Auctions and……. It is a little confusing out there these days for the lay person who does not know all the “new” vocabulary in real estate. It might seem like word soup or you might think you are back in foreign language class conjugating verbs. Actually, most of this vocabulary is not really new but so much of it was never or hardly used in the last ten years. Well it is back now and it helps to understand what you are looking at.
Here is a quick guide for you:
Short Sale: This happens when the owner wishes to sell their home for less than the amount that the bank is owed. Everything happens just like a normal sale right up until a buyer submits an offer. Then there is a process of getting the lender to accept the deficiency or shortage between what they are owed and what they will actually receive. This process can take up to 120 days and usually the seller will remain in the home until it is finished.
In the market today serious real estate investors are changing their strategies and many are buying real estate as a longer term investment. More flippers are moving into the rental market for the foreseeable future. This great article from CNN/Money is very accurate and I thought you would enjoy seeing it.
NEW YORK (CNNMoney.com) -- These are the glory days of the residential real estate investor. Low prices, rock-bottom interest rates and stable rental markets have created huge buying opportunities.
"It's awesome right now. I don't think we'll ever see another time like this," said Tanya Marchiol of Team Investments, which has operations in about 10 states but focuses mostly on the Phoenix market.
Amazing home with mega views in Big Horn Country Club. 4 Beds 4.5 Baths and over 5,700 square feet. Overlooks the 16th fairway of the Mountain Course. Private pool spa and amazing outdoor entertaining areas. This home is Furnished per inventory and value range priced between $3,000,000 and $3,700,000.
July Sales Statistics are in and they are impressive. In the 7 major cities of the Coachella Valley 714 homes and condos sold and another 865 went into escrow! While both of these numbers were just a little lower than the June numbers they are very respectable for our "off season" in the valley. Prices seem to be firming up just a little bit strengthened by steadily dropping inventory levels. Currently this is 21% drop in year to year supply of inventory and a 44% increase in sales.
Fannie Mae has rolled out a pretty nice website that covers a wealth of information for the public. Know your options is probably overwhelming for the lay person. However, with a little guidance there is some great information here.
The site covers information on loan modification, foreclosure and short sales. Best of all no one is trying to sell you anything. It is pure information.
As always, we are happy to help with your questions about any of these subjects. Just contact us at www.PSagent.com or 760-408-5300.
However, it is nice to have this resource as a back up.